[Trump Announces Support for Crypto Industry Development, JPMorgan Raises Bitcoin Target Price to $170,000] On November 7, U.S. President Trump stated at the 'American Business Forum' in Miami that the United States should fully embrace the crypto industry. He signed an executive order to 'end the federal government's war on crypto assets,' proposing to build the U.S. into a 'Bitcoin superpower' and a global crypto asset hub. JPMorgan released a report predicting that Bitcoin's price could reach approximately $170,000 within the next 6 to 12 months, citing that the leveraged market has completed its risk-off adjustments and that rising gold volatility makes Bitcoin more attractive on a risk-adjusted basis. The report noted that Bitcoin's current price is about $68,000 below its fair value, indicating significant upside potential. Meanwhile, Ark Invest founder Cathie Wood lowered her long-term Bitcoin forecast, suggesting that the growth of stablecoins might impact Bitcoin's function as a store of value. A VanEck report revealed that digital asset treasuries continued to net increase crypto holdings in October, with Q3 crypto lending volumes reaching $73.6 billion, nearly tripling compared to early 2024.